Bhutan Moves $63 Million in Bitcoin to New Wallets

In an intriguing move, the Bhutanese government has made a significant transfer of Bitcoin, shifting $63 million worth to three separate wallets on March 24.

Bhutan, known for its abundant hydroelectric resources, has been utilizing this clean energy to mine Bitcoin since 2019. It wasn’t until September 2024, however, that Arkham uncovered the first wallet linked to Druk Holdings, the country’s investment arm.

Following the recent transactions, this wallet now contains a hefty $889.9 million in Bitcoin, which is roughly 30.7% of Bhutan’s GDP—calculated at $2.9 billion in 2023.

While Bitcoin remains a major component of Bhutan’s crypto reserves, it is not the sole focus. The Druk Holdings wallet also contains smaller amounts of Ether worth $334,580, alongside other lesser-known tokens such as LinqAI (LNQ), Phil (PHIL), and Apu Apustaja (APU). These diversified holdings reflect a broader strategic approach rather than an exclusive reliance on Bitcoin.

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In recent months, Bhutan has been slowly transferring portions of its crypto assets from its main wallet to other addresses. Notably, $66 million worth of BTC was moved to Binance in October 2024. This, coupled with the small transfers of Bitcoin and Ether, suggests that the government is carefully managing its growing digital asset portfolio.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.